Favors new-issue floating-rate CMBS over seasoned deals due to the adverse selection phenomenon and concerns over the refinanceability of remaining loans that have exhausted their extension options, particularly if rates rise and real estate fundamentals soften further. Triple-A floaters offer attractive spread pickups to competing sectors. Views the fixed-rate CMBS credit curve (AAA/BBB) as not sufficiently rewarding investors for venturing out the curve into lower rated investment-grade credits. Those searching for yield should focus on certain CMBS IO sectors, for which the optionality is valued at worst-case scenarios. In particular, seasoned WAC IO with high levels of yield-maintenance represents an attractive yield play.
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Note payments are linked to two tranched credit default swap (CDS) transactions, one related to the reference obligation between the issuer and SoFi Bank and SoFi Lending and the Issuer.
49m ago -
The Federal Open Market Committee held the federal funds rate at current levels, citing "lack of further progress" toward meeting inflation goals.
6h ago -
During this week's Federal Open Market Committee meeting, officials voted to lower the cap on the amount of Treasury securities that can roll off the central bank's books each month from $60 billion to $25 billion.
7h ago -
The fixed, tax-exempt notes have about 137.5% in expected senior bond parity and 124.1% in subordinate bond parity levels.
8h ago -
Moody's took note of several credit strengths in the portfolio, including that on a weighted average (WA) basis, the contracts have a weighted average FICO score of 767 and only a point higher for the upsized pool.
April 30 -
Plaintiffs seeking class certification claim the bank uses an underwriting system that discriminates against minority mortgage applicants.
April 30